Published on 4/29/2014 in the Prospect News Municipals Daily.
New Issue: Maryland Water Quality sells $100 million of bay restoration fund bonds
By Sheri Kasprzak
New York, April 29 - The Maryland Water Quality Financing Administration sold $100 million of series 2014 bay restoration fund revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA/) were sold competitively. J.P. Morgan Securities LLC won the bid at a 2.5468% true interest cost, said Jag Khuman, director of the administration.
The bonds are due 2016 to 2029 with 3% to 5% coupons and 0.32% to 3.18% yields.
Proceeds will be used to make grants to local governments to finance upgrades to wastewater facilities.
| Issuer: | Maryland Water Quality Financing Administration
|
| Issue: | Series 2014 bay restoration fund revenue bonds
|
| Amount: | $100 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 2.5468%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | April 29
|
| Settlement date: | May 14
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.16 million | 2016 | Serial | 5% | 108.379 | 0.32%
|
| $5.42 million | 2017 | Serial | 5% | 112.156 | 0.61%
|
| $5.69 million | 2018 | Serial | 5% | 115.108 | 0.94%
|
| $5,975,000 | 2019 | Serial | 5% | 117.508 | 1.23%
|
| $6.27 million | 2020 | Serial | 5% | 119.238 | 1.52%
|
| $6,585,000 | 2021 | Serial | 5% | 120.455 | 1.79%
|
| $6,915,000 | 2022 | Serial | 5% | 121.556 | 2.00%
|
| $7.26 million | 2023 | Serial | 5% | 122.46 | 2.18%
|
| $7,625,000 | 2024 | Serial | 5% | 123.066 | 2.35%
|
| $8,005,000 | 2025 | Serial | 5% | 121.795 | 2.48%
|
| $8,325,000 | 2026 | Serial | 5% | 120.636 | 2.60%
|
| $8,575,000 | 2027 | Serial | 3% | 99.261 | 3.07%
|
| $8.92 million | 2028 | Serial | 3.5% | 103.439 | 3.09%
|
| $9,275,000 | 2029 | Serial | 3.5% | 102.672 | 3.18%
|
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